New Mexico Payday Loans
Are you finding it hard to keep up with your bills this month? So, you may be considering a payday loan. However, remember that there are so many different options you can choose from. Here’s all you need to understand when it comes to New Mexico payday loans.
Can I get a Payday Loan in New Mexico?
No, they’re not. While payday loans used to be legal in the state of New Mexico, as of January 1, 2018, they no longer are. The recent overhaul to the New Mexico House Bill 347 places strict regulations on payday loans. These new laws have placed the following limits on loans under $5,000:
- Max APR: 175%
- Loan term: at least 120 days
- Repayment: minimum of four equal payments
How can Short Term Loans help you?
When deciding whether or not to take out a short term loan, be sure to think about how it could help you. Here are some reasons why you might consider getting a short term loan in New Mexico:
- Multiple options. You get several choices when looking for loans in New Mexico.
- Applying is easy. If you wish to get a short term loan in New Mexico you can complete your application in a matter of minutes.
- Get money quickly. When you apply online you can get access to approved funds within a few hours of approval and you accept the loan contract.
- Apply with poor credit history. Bad credit doesn’t have to stand in the way of your getting credit. As long as you have a steady job and can demonstrate an ability to repay, you could likely get a loan.
Am I eligible for New Mexico Payday Loans?
You are able to apply for New Mexico payday loans by submitting an online application. However, you must make sure that you qualify for the basic eligibility requirements. To qualify, you must:
- Be at least 18 years old
- Be an American citizen or permanent resident
- Have a regular source of income or be employed
- Be a resident of New Mexico
As well as meeting these basic eligibility requirements, you need to supply some extra information. These include your personal, contact, checking account and employment, details.
Applying for a Payday Loan
If you’re a resident of New Mexico and need a little extra cash, a payday loan might be a good option. To begin your journey, simply fill in our registration form and you’ll be on your way to getting a loan.